NEW YORK (CNNMoney) -- With job creation taking center stage in American politics, the oil industry Wednesday made a pitch for drilling more widely. With looser restrictions, the industry says it could deliver 1.4 million new jobs, boost tax rolls by $800 billion, and increase domestic energy production almost 50%.

To hit those numbers, the industry would need to drill off the East and West Coasts, in waters off Florida's Gulf Coast, in Alaska's Arctic National Wildlife Refuge, and on most federal public land that's not a national park. These areas are currently off limits to drilling, except for some public land in these regions.

In addition, the industry says it would need approval to build new pipelines to facilitate a doubling of production from Canada's vast oil sands, a halt to the gradual tightening of rules governing shale gas development, and the preservation of favorable tax policies the industry currently enjoys.

"Poll after poll shows that job creation is the top concern of most Americans," American Petroleum Institute President Jack Gerard said in a letter to President Obama. "We provide more than energy; we offer real-world solutions that will create jobs, strengthen our energy security and generate significant government revenue without raising taxes."

The industry has long sought more places to drill and less regulation, and it's hoping this latest report will find a receptive ear among lawmakers struggling with a sputtering economy.

HonestChieffan

09-07-2011, 08:45 AM

Ideas like this need to come through the planners.

suzzer99

09-07-2011, 10:12 AM

No one's holding them back from drilling on all the leases they currently have, which were all cherry-picked to be the most promising (except for ANWR and Yellowstone etc). This is pure opportunistic PR.

Donger

09-07-2011, 10:16 AM

No one's holding them back from drilling on all the leases they currently have, which were all cherry-picked to be the most promising (except for ANWR and Yellowstone etc). This is pure opportunistic PR.

Ummm, they are drilling on those leases.

suzzer99

09-07-2011, 10:26 AM

Something like 80% of the leases they have are sitting idle. There is no gigantic govt conspiracy to hold them back from untold oil riches. Except for a very few notable exceptions which are being protected for very specific reasons like ANWR, all of the other potential drill sites are far out to sea, or not expected to yield much, etc. They already had their pick of almost every place they wanted, and picked the most lucrative sites, most of which are still sitting idle.

This is just a PR move because they know now is a good opportunistic time to pounce on a few regulations they don't like, and to deflect attention from the gargantuan profits they've been pulling down for the last 5 years.

HonestChieffan

09-07-2011, 10:29 AM

Something like 80% of the leases they have are sitting idle. There is no gigantic govt conspiracy to hold them back from untold oil riches. Except for a very few notable exceptions which are being protected for very specific reasons like ANWR, all of the other potential drill sites are far out to sea, or not expected to yield much, etc. They already had their pick of almost every place they wanted, and picked the most lucrative sites, most of which are still sitting idle.

This is just a PR move because they know now is a good opportunistic time to pounce on a few regulations they don't like, and to deflect attention from the gargantuan profits they've been pulling down for the last 5 years.

Is there oil under all of them in quantity large enough to warrant the drilling?

Donger

09-07-2011, 10:30 AM

Something like 80% of the leases they have are sitting idle. There is no gigantic govt conspiracy to hold them back from untold oil riches. Except for a very few notable exceptions which are being protected for very specific reasons like ANWR, all of the other potential drill sites are far out to sea, or not expected to yield much, etc. They already had their pick of almost every place they wanted, and picked the most lucrative sites, most of which are still sitting idle.

This is just a PR move because they know now is a good opportunistic time to pounce on a few regulations they don't like, and to deflect attention from the gargantuan profits they've been pulling down for the last 5 years.

It's pretty simple. Something like 5,000 new holes have been drilled since 2008 on the land that falls under these leases. Do you really think that the oil companies wouldn't drill if they thought/knew that crude was to had? That's just silly.

Brock

09-07-2011, 10:34 AM

A guy can go up to North Dakota right now and get a job working at McDonalds for 20 dollars an hour. It appears the oil companies may be telling the truth on this.

suzzer99

09-07-2011, 10:43 AM

Is there oil under all of them in quantity large enough to warrant the drilling?

If not then what exactly are they being held back from drilling on that would change the game as much as they say? Remember they already got to pick almost all the most promising locations.

LOCOChief

09-07-2011, 10:43 AM

We need to be drilling ANWR like yesterday, the area proposed is a freaking barren wasteland with all the oil this country needs.

mlyonsd

09-07-2011, 10:44 AM

They're claiming to increase tax rolls $800 billion and domestic oil production with NO government subsidies?

It at least should be looked into.

suzzer99

09-07-2011, 10:44 AM

It's pretty simple. Something like 5,000 new holes have been drilled since 2008 on the land that falls under these leases. Do you really think that the oil companies wouldn't drill if they thought/knew that crude was to had? That's just silly.

Of course there's crude to be had. But they also have 80% of their leases sitting idle, and their claims that there's some vast untapped reservoir of oil out there that they're being held back from by the govt and pure bullshit.

Donger

09-07-2011, 10:44 AM

If not then what exactly are they being held back from drilling on that would change the game as much as they say? Remember they already got to pick almost all the most promising locations.

They are being held back by the federal government.

suzzer99

09-07-2011, 10:47 AM

We need to be drilling ANWR like yesterday, the area proposed is a freaking barren wasteland with all the oil this country needs.

Actually more like the exact opposite. It's a hugely diverse tundra area with giant caribou herds, grizzlies, wolves, polar bears, moose, musk oxen, dozens of other mammals, and 100s of species of birds.

http://arctic.fws.gov/wildlife_habitat.htm

Donger

09-07-2011, 10:48 AM

Of course there's crude to be had. But they also have 80% of their leases sitting idle, and their claims that there's some vast untapped reservoir of oil out there that they're being held back from by the govt and pure bullshit.

I'm not sure about the 80% idle figure, but again, do you really think that they WOULDN'T be going crazy if there was vast crude to be had there? Come on.

As to your other point, the proven reserve numbers of the OCS are huge. That's why they want access to them.

suzzer99

09-07-2011, 10:48 AM

They are being held back by the federal government.

FROM WHERE?

Donger

09-07-2011, 10:48 AM

FROM WHERE?

From drilling the OCS.

suzzer99

09-07-2011, 10:56 AM

I'm not sure about the 80% idle figure, but again, do you really think that they WOULDN'T be going crazy if there was vast crude to be had there? Come on.

As to your other point, the proven reserve numbers of the OCS are huge. That's why they want access to them.

Where are they? Where are the proven OCS reserves that oil companies don't have access to?

http://en.wikipedia.org/wiki/Oil_reserves_in_the_United_States

United States proven oil reserves were 21 billion barrels (3.3×10^9 m3) in 2006 according to the Energy Information Administration.[3] This represents a decline of 46%, or 18 billion barrels (2.9×10^9 m3) from 39 billion barrels (6.2×10^9 m3) in 1970.

By comparison Saudi Arabia has 264 billion barrels of proven reserves. We simply don't have very much easy to get oil left*. http://en.wikipedia.org/wiki/Oil_reserves

*Except ANWR, which would over 20 years of drilling provide enough oil to satisfy a 9-month supply of oil for the US. It's not nothing but it's not really going to make much difference in the price of oil, get us off foreign oil, and it's not going to create that many jobs. It's just going to make a bunch of oil companies a lot richer, and provide bigger rebate checks for Alaskans.

Donger

09-07-2011, 11:01 AM

Where are they? Where are the proven OCS reserves that oil companies don't have access to?

http://en.wikipedia.org/wiki/Oil_reserves_in_the_United_States

By comparison Saudi Arabia has 264 billion barrels of proven reserves. We simply don't have very much easy to get oil left*. http://en.wikipedia.org/wiki/Oil_reserves

*Except ANWR, which would over 20 years of drilling provide enough oil to satisfy a 9-month supply of oil for the US. It's not nothing but it's not really going to make much difference in the price of oil, get us off foreign oil, and it's not going to create that many jobs. It's just going to make a bunch of oil companies a lot richer, and provide bigger rebate checks for Alaskans.

Sorry, I shouldn't have labeled the OCS as proven. From your Wiki link:

Proven oil reserves in the United States are 21 billion barrels (3.3×109 m3), excluding the Strategic Petroleum Reserve. The U.S. Department of the Interior estimates the total volume of undiscovered, technically recoverable prospective resources in all areas of the United States, including the Federal Outer Continental Shelf, the 1002 area of the Arctic National Wildlife Refuge, the National Petroleum Reserve–Alaska, and the Bakken Formation, total 134 billion barrels (21.3×109 m3) of crude oil.

suzzer99

09-07-2011, 11:05 AM

OCS specific:

The Minerals Management Service (MMS) estimates the Federal Outer Continental Shelf (OCS) contains between 66.6 and 115.1 billion barrels (10.59×10^9 and 18.30×10^9 m3) of undiscovered technically recoverable crude oil, with a mean estimate of 85.9 billion barrels (13.66×10^9 m3). The Gulf of Mexico OCS ranks first with a mean estimate of 44.9 billion barrels (7.14×10^9 m3), followed by Alaska OCS with 38.8 billion barrels (6.17×10^9 m3). At $80/bbl crude prices, the MMS estimates that 70 billion barrels (11×10^9 m3) are economically recoverable. As of 2008, a total of about 574 million acres (2,320,000 km2) of the OCS are off-limits to leasing and development. The moratoria and presidential withdrawal cover about 85 percent of OCS area offshore the lower 48 states. The MMS estimates that the resources in OCS areas currently off limits to leasing and development total 17.8 billion barrels (2.83×10^9 m3)(mean estimate).[1]

So in summation, it's estimated that there's between 66 and 115 billion bbls of crude oil is estimated to be undiscovered (not proven), technically recoverable. Of that amount, only 17.8 billion bbls is currently off-limits to oil companies.

Like I said this is just pure opportunistic PR to get even more favorable legislation than they already have, and deflect some of the heat from the insane profits they've been raking in lately (while still reaping huge subsidies and tax breaks from policies from the early part of the century).

Donger

09-07-2011, 11:11 AM

OCS specific:

So in summation, it's estimated that there's between 66 and 115 billion bbls of crude oil is estimated to be undiscovered (not proven), technically recoverable. Of that amount, only 17.8 billion bbls is currently off-limits to oil companies.

Like I said this is just pure opportunistic PR to get even more favorable legislation than they already have, and deflect some of the heat from the insane profits they've been raking in lately (while still reaping huge subsidies and tax breaks for policies from the early part of the century).

Only 18 billion barrels? That hardly a small figure, you know. But, now I see what your actual gripe is.

BigChiefFan

09-07-2011, 11:14 AM

OCS specific:

So in summation, it's estimated that there's between 66 and 115 billion bbls of crude oil is estimated to be undiscovered (not proven), technically recoverable. Of that amount, only 17.8 billion bbls is currently off-limits to oil companies.

Like I said this is just pure opportunistic PR to get even more favorable legislation than they already have, and deflect some of the heat from the insane profits they've been raking in lately (while still reaping huge subsidies and tax breaks for policies from the early part of the century).You nailed it. Great post.

Donger

09-07-2011, 11:16 AM

You nailed it. Great post.

LMAO

suzzer99

09-07-2011, 11:18 AM

Sorry, I shouldn't have labeled the OCS as proven. From your Wiki link:

Proven oil reserves in the United States are 21 billion barrels (3.3×109 m3), excluding the Strategic Petroleum Reserve. The U.S. Department of the Interior estimates the total volume of undiscovered, technically recoverable prospective resources in all areas of the United States, including the Federal Outer Continental Shelf, the 1002 area of the Arctic National Wildlife Refuge, the National Petroleum Reserve–Alaska, and the Bakken Formation, total 134 billion barrels (21.3×109 m3) of crude oil.

Right, but only 17.8 billion barrels of that is currently off-limits to the oil companies.

suzzer99

09-07-2011, 11:20 AM

Only 18 billion barrels? That hardly a small figure, you know. But, now I see what your actual gripe is.

Thank you. You have no idea how refreshing (and increasingly rare in Politics) it is to engage with someone who actually tries to debate in good faith, grasp the issues, and isn't just blindly spewing their sides' talking points.

Fish

09-07-2011, 11:21 AM

We need to be drilling ANWR like yesterday, the area proposed is a freaking barren wasteland with all the oil this country needs.

Barren wasteland? WTF? There's not a Starbucks or Walmart around the area, but it certainly isn't a barren wasteland....

HonestChieffan

09-07-2011, 11:23 AM

Barren wasteland? WTF? There's not a Starbucks or Walmart around the area, but it certainly isn't a barren wasteland....

If you like a tidal flat covered in tundra species that goes for miles, its heavenly

Donger

09-07-2011, 11:25 AM

Thank you. You have no idea how refreshing (and increasingly rare in Politics) it is to engage with someone who actually tries to debate in good faith, grasp the issues, and isn't just blindly spewing their sides' talking points.

You're welcome. But I was referring to your gripe as being "the oil companies make too much money!!!!1111" not that the oil companies want access to a very large amount of oil.

Chief Faithful

09-07-2011, 11:34 AM

No one's holding them back from drilling on all the leases they currently have, which were all cherry-picked to be the most promising (except for ANWR and Yellowstone etc). This is pure opportunistic PR.

They are drilling on all the leases not currently tied up in the courts.

LOCOChief

09-07-2011, 02:15 PM

Actually more like the exact opposite. It's a hugely diverse tundra area with giant caribou herds, grizzlies, wolves, polar bears, moose, musk oxen, dozens of other mammals, and 100s of species of birds.

http://arctic.fws.gov/wildlife_habitat.htm

What adverse affects have those sameanimals experienced in Prudhoe Bay?

I know the answer if you don't.

Saul Good

09-07-2011, 02:19 PM

OCS specific:

So in summation, it's estimated that there's between 66 and 115 billion bbls of crude oil is estimated to be undiscovered (not proven), technically recoverable. Of that amount, only 17.8 billion bbls is currently off-limits to oil companies.

Like I said this is just pure opportunistic PR to get even more favorable legislation than they already have, and deflect some of the heat from the insane profits they've been raking in lately (while still reaping huge subsidies and tax breaks from policies from the early part of the century).

Your numbers are based on what is economical to recover at $80/bbl oil. Bent crude is currently 50% higher than that.

KILLER_CLOWN

09-07-2011, 09:19 PM

Great like we need more tarballs washing up ashore.

suzzer99

09-08-2011, 01:25 PM

Stop bringing up the past. Technology has made leaps and bounds since then. Spill what spill?

Donger

09-08-2011, 01:34 PM

Great like we need more tarballs washing up ashore.

An unfortunate but very rare cost of getting it to your car. Or do you not use petroleum products?

go bo

09-08-2011, 01:36 PM

An unfortunate but very rare cost of getting it to your car. Or do you not use petroleum products?

no, he uses controlled explosions...

Calcountry

09-08-2011, 01:42 PM

Why don't we just sell the rights to drill to China, retire our debt, and live off wind power?